Tax Policy - The S Corporation Association

Finance Reports Out Small Business Tax Relief

In a bit of potential good news for small businesses, the Senate Finance Committee today adopted by voice vote an $8 billion package of small business tax incentives to accompany a planned increase in the minimum wage. Included in the package is a one year extension of the current Section 179 small business expensing limits, an extension of the Work Opportunity Tax Credit through 2012, and an extension of the shorter, 15-year depreciation lives for certain owner-occupied buildings. For S Corps, the package includes an entire title of big and small …

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admin2019-02-06T18:46:06+00:00January 17, 2007|

Finance Holds Small Business Tax Relief Hearing — S CORP Submits Testimony

Today, the Chairman of the S Corporation Association Advisory Committee, James Redpath, submitted testimony on S Corp reform to the Senate Committee on Finance. The Senate Finance Committee held the hearing on small business tax relief as part of its preparation for Senate consideration of the minimum wage increase. As Jim pointed out in his testimony:

I am concerned that many of the companies that will bear the impact of this increase in labor costs are closely-held or family-owned businesses structured as Subchapter S corporations. My goal is to provide you with …

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admin2019-02-06T18:46:06+00:00January 10, 2007|

A New Congress Brings New Tax Writers

Last week marked the swearing-in of all new Members of Congress and the official change in control of the House and Senate from Republican to Democratic hands. House Democrats elected Nancy Pelosi (D-CA) Speaker of the House and Senate Democrats elected Senator Harry Reid (D-NV) Senate Majority Leader.

On the Republican side, leadership was also elected - Rep. John Boehner (R-OH) is the Minority Leader of the House and Rep. Roy Blunt (R-MO) is Minority Whip – final committee assignments were also announced. Republican members filled the remaining two vacancies on the tax-writing Ways and Means Committee with Reps. Patrick Tiberi …

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admin2019-02-06T18:46:06+00:00January 9, 2007|

109th Congress Concludes Business

Out with the Old Challenges

Last week the House and Senate wrapped up the 109th Congress by approving a “continuing resolution” to fund the federal government through February 15th. Doing so leaves major 2007 spending decisions to the new Democratic-controlled Congress when they convene in January.

The House and Senate also approved a $45 million tax bill that extends for two years popular to tax benefits, such as the Research and Development and Work Opportunity Tax Credits, many of which expired at the end of last year. This comprehensive package also included an energy tax title that extended, again for two years, …

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admin2019-02-06T18:46:06+00:00December 11, 2006|

TAX BILL IN LAME DUCK?

Real quick, here’s what we’re hearing on the prospects of tax legislation moving when Congress returns next week:

Congressmen Hastert, Boehner, and Thomas are gathering today to decide what the House tax bill should look like. As we’ve previously reported, the best guess is a narrow bill that extends for a couple years expiring tax provisions like the R&D tax credit, together with some non-controversial trade proposals. Targeted provisions outside the usual extenders may get included, but that’s not clear right now.

On the Senate side, the limiting factor appears to be whatever can get adopted by voice vote. With the Senate …

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admin2019-02-06T18:47:18+00:00December 1, 2006|